Milan's recent takeover by Elliott Management, after former owner Li Yonghong failed to repay a €32 million (£28m/$37m) debt, has led to speculation new owner Paul Singer could move to appoint Gazidis.

But a statement released by Arsenal chairman Sir Chips Keswick asserts that Gazidis is fully focused on his duties with the Gunners.

It read: "We are aware of the speculation surrounding our chief executive Ivan Gazidis. We know he receives many offers from organisations inside and outside the game as he’s a hugely respected figure.

"He has never accepted any of these opportunities and has never spoken about them publicly. He has always been fully committed to taking Arsenal forward and is currently working hard in Singapore with our new head coach Unai Emery as we prepare for the new season."

And, although the Arsenal statement did not outright confirm Gazidis is staying, Emery, who is preparing his players for the new season at the International Champions Cup in Singapore, said his relationship with the club's chief executive remains strong.

He told reporters: "I speak every day with him [Gazidis].

"He has been committed here for many, many years. I think he continues here because it is a big project here and his commitment to Arsenal is very strong.